General Growth Properties filed a reorganization plan for their Chapter 11 Bankruptcy. The company is one of the largest operators of malls and shopping centers in the country.
The plan is contingent upon agreements between the company and their mortgage holders, both secured and unsecured. The malls are one of the first casualties in the commercial meltdown as they absorbed lower retail traffic when the economy took it’s dip.
Real estate developer General Growth Properties has filed a reorganization plan with the bankruptcy court in the Southern District of New York. The plan covers 92 regional shopping centers, office properties, community centers and subsidiaries associated with $9.7 billion of secured mortgage loans.
That’s more than the previously announced agreements in principal to restructure $8.9 billion of mortgage loans. The company said the higher figure reflects additional agreements with lenders after an initial announcement on Nov. 19. via Charlotte Business Journal:.
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